Document name

Enterprise Risk Management

Document number

POL 23/2025

Enterprise risk management (ERM) is a proactive, ongoing, systematic, organization-wide process to identify, evaluate, respond to, manage, and report risks that could potentially impact WCB’s vision, mission, values, strategic and operational objectives.

Enterprise risk management framework (ERM Framework) is a structured process for designing, implementing, monitoring, reviewing and continually improving risk management throughout WCB.

Risk is an uncertainty or potential event that prevents WCB from achieving its strategic or operational objectives.

1. The Workers’ Compensation Board (WCB) Board Members are responsible for the stewardship of the WCB, and to oversee the WCB's adherence to provisions of The Workers’ Compensation Act, 2013.
2. To support a strong governance framework, an ERM framework is required. This framework is guided by risk management practices outlined in the Committee of Sponsoring Organizations (COSO) Enterprise Risk Management Guidelines.

1. The WCB’s ERM framework is established based on WCB’s leadership and commitment to integrate, design, implement, evaluate, and improve risk management across the organization.
2. The WCB is committed to:
   1. Creating and protecting the value of services by promoting workplace safety and work disability practices and supporting Saskatchewan’s customers and partners in a responsible and sustainable manner,
   2. Embedding risk management principles into the culture of WCB, making the identification and treatment of risk everyone’s shared responsibility, and
   3. Integrating risk management activities into WCB’s decision making processes, operations, activity planning, project planning, strategic planning, and resource allocation decisions. Risk identification will include various methods including anticipating and responding to uncertainty and external pressures, such as those arising from the strategic, social, environmental, financial, operational, political, technological, and legal environment.